Hot Issues
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Small businesses may ‘collapse under strain of payday super’, IPA warns
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ATO’s hands tied with scrapping on-hold debts, expert says
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What Drives Your Business Growth and Profits?
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Australian Taxation Office (ATO) shifting to firmer debt collection activity
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Why employee v contractor comes down to fine print
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Sharing economy reporting regime for platform operators
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Countries producing the most solar power by gigawatt hours
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Illegal access nets $637 million
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Accessing superannuation benefits.
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Does your business have a company Power of Attorney?
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Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
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GrantConnect
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2 in 3 SMEs benefit from instant asset write-off, survey reveals
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Updated guidance on R&D claims
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Do you know how to recover debts?
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Wheat Production by Country
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Types of small business benchmarks
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What is a Commercial Lease?
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ATO warns advisers against suspect R&D tax claims
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The year of workplace law upheaval
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How to Resolve Invoice Payment Disputes
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Raft of revenue tweaks in MYEFO to raise millions
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The Countries that Export the Most Wine in the World
Article archive
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Quarter 4 October - December 2023
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Quarter 2 of, 2015 archive
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SMSFs may be missing out on allowable deductions
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Change to Early Access Rules
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Capital Gains Tax – which year?
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Checklist for Employers Year-end
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Year-end Tax Planning – Small Business
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Year-end Tax Planning – Trusts
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Reminders and Tax Strategies for SMSFs pre-year end
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Year-end Tax Planning – Individuals
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Tips and traps for acquiring SMSF assets from related parties
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Overtime Payments May Eliminate Claims for Unfair Dismissal
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ACCC issues scam warning
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SME Dispute Resolution
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Land Tax – Victoria
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R&D incentives at risk
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ATO adds ‘hot issue’ to its SMSF target list
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Additional Super Contributions Not Appropriate for all
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Issues arising from an underpaid pension
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Salary and Superannuation after the death of an employee
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IPA calls for zero pc tax rate
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Australian Government - Budget 2015
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Budget 2015 - some professional opinions
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Looming end to SMSF Borrowings?
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ATO warns SMSFs on franking credits scheme
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Lump Sum Payments - Employer Reporting
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Small business tax cuts 'not enough', says IPA
Reminders and Tax Strategies for SMSFs pre-year end

 

A very brief and simplistic checklist for SMSF trustees to undertake well before 30 June 2015

             

  1. A member aged 49 or over can contribute up to $35,000 of concessional contributions (otherwise $25,000)
  2. Ensure sufficient days are allowed for clearance through the bank of contributions 
  3. Is it possible to predict self-employed persons income for the year and maximise the contributions to reduce assessable income?
  4. If excess contributions have been made in previous years, ensure that you don’t contribute again in breach of this.
  5. If you make a contribution and intend to start a pension, ensure that the notice of intent to claim a tax deduction is signed before commencement of the income stream
  6. If already in pension phase, have you drawn the minimum pension to retain the exempt status?
  7. Are you aware that not taking the minimum pension means that you have ceased taking the pension and therefore any pre 1 January 2015 pensions will be subject to the new deeming rules for age pension purposes?
  8. Administrative matters such as the existence or appropriateness of binding death benefit nominations, an update of investment strategy, an update to insurance requirements and review whether the deed is too old.

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